• RAKBANK partners with Bitpanda to create a digital asset management platform.
• The digital asset management platform awaits approval from the UAE Central Bank.
• Cryptocurrency adoption in the UAE continues to grow thanks to new regulations and instant banking transactions.

The National Bank of Ras Al Khaimah (RAKBANK) has announced a strategic partnership with Bitpanda Technology Solutions to develop an advanced digital wealth management platform for UAE residents.

The initiative, which aims to improve accessibility of digital assets, is awaiting approval from the Central Bank of the United Arab Emirates (CBUAE).

National Bank of Ras Al Khaimah (RAKBANK) Position on Digital Assets

In a recent statement, RAKBANK emphasized its forward-looking stance on digital assets, with Dongjun Choi, the bank’s group chief customer officer, describing them as a crucial part of future financial management. “We believe that digital assets are one of the future ways for customers to manage their finances more efficiently and securely,” Choi noted.

The new platform is designed to fill a significant gap in the market by providing a regulated environment for digital asset transactions. This partnership will leverage Bitpanda’s established crypto infrastructure, allowing RAKBANK to avoid the complexity of developing an internal digital asset system.

Bitpanda Technology Solutions CEO Lukas Enzersdorfer-Konrad expressed his excitement about the partnership, noting RAKBANK’s pioneering efforts in the UAE crypto sector. The partnership reflects the UAE’s broader push to integrate digital assets into mainstream finance.

Ras Al Khaimah Drives Crypto Adoption in UAE

This move follows Ras Al Khaimah’s recent developments in digital assets, including the establishment of the RAK Digital Assets Oasis (RAK DAO), a free trade zone dedicated to crypto, blockchain and AI technologies.

Cryptocurrency adoption in the UAE continues to grow, with recent developments including allowing instant crypto transactions through UAE bank accounts and recognizing crypto as a valid form of salary payment.

While the proposed digital asset management platform awaits regulatory approval, this is a significant step towards meeting the market need for regulated digital asset management solutions in the region.